How long will Madoff spend in jail?

Will it be 150 years, or more like 12 years for Ponzi schemer Bernie Madoff?

We might know soon. Madoff is heading to court in New York today, where he will be sentenced for stealing billions of dollars from investors.

Madoff’s lawyer is pushing for 12 years. Prosecutors plan to seek a 150-year sentence. Madoff is 71 years old. Video of the New York courthouse shows a large crowd hanging out, probably wondering what happened to all their money.